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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

May 5, 2004

Press contact: Carol Abrams (212) 863-5176

LOW INCOME HOUSING TAX CREDITS AVAILABLE FOR 2004

Tax Credits for Real Estate Developers to Construct or Rehabilitate Low-Income Rental Housing

New York City Department of Housing Preservation and Development (HPD) Commissioner Shaun Donovan today announced the availability of Low Income Housing Tax Credits ("2004 Tax Credits") for calendar year 2004, as authorized under Section 42 of the Internal Revenue Code.

"For the first time, HPD is setting aside $2.5 million in tax credits for new construction initiatives that include a mix of incomes or will provide units for formerly homeless families," said Commissioner Donovan. "I am very excited that we are able to use tax credits for this purpose, and I encourage our development partners to review the specific criteria outlined in the Notice of Funding Availability, which is available on the HPD website."

HPD expects to conduct one competitive funding round for 2004 Tax Credits. Real estate developers who construct or rehabilitate rental housing that is reserved for low-income occupancy and located in the five boroughs of the City may apply for allocations of 2004 Tax Credits.

Since 1988, HPD has allocated nearly $135 million in ceiling credits, generated $877 million in private equity contributions and created nearly 23,000 units of quality affordable housing. In the past 11 years, HPD has also processed applications for $24.5 million in "as-of-right" credits for 69 tax-exempt bond financed projects, creating another 4,300 affordable housing units.

Application forms may be obtained by calling (212) 863-7698 or at the following address: NYC Dept. of Housing Preservation and Development, Tax Credit and Compliance Unit, 100 Gold Street, Room 9I-3, New York, New York 10038. Application forms are also available on www.nyc.gov/hpd

The deadline for complete applications to be delivered to HPD is May 28, 2004 no later than 4:00 p.m. Applications will be reviewed for completeness, feasibility, and the extent to which they meet the threshold and competitive selection criteria contained in HPD's 2004 Low Income Housing Tax Credit Qualified Allocation Plan, which is available on nyc.gov/hpd HPD expects to make award announcements on or about September 8, 2004.

HPD reserves the right to allocate all, a portion of, or none of its 2004 Tax Credit authority, depending on the availability of credit authority, the ability of applicants to meet HPD's threshold eligibility requirements, as well as the feasibility and competitiveness of applications received.

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction or rehabilitation of 212,000 units of affordable housing. For more information about affordable rental housing, call the City's Citizen Service Center at 311 or log on to nyc.gov/hpd

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